Dividend Information and FAQs

British Land pays dividends twice a year, announced with the full and half year results in May and November respectively. The dividend announced at the half year will be an interim dividend and paid in January. The dividend announced at the full year results will be a final dividend and, subject to approval by shareholders at the AGM, will be paid in July.
To receive a dividend, shares must have been purchased or transferred to you by the ex-dividend date for that dividend, so that your name appears on the share register on the record date. These dates are announced ahead of each dividend payment.

The Board approved an interim dividend for the six months ended 30 September 2025 of 12.32p per share. Payment will be made on Wednesday 14 January 2026 to shareholder on the register at close of business on Friday 5 December 2025. The dividend will be a Property Income Distribution.

Dividend cheques are posted to shareholders’ registered addresses. Alternatively, shareholders can elect to have dividends paid directly to their bank or building society accounts. Details of how to sign up for this faster, more secure form of payment can be found here. Shareholders who would prefer to receive new ordinary shares instead of cash dividends have the opportunity to do this via our Scrip Dividend Scheme.

Because British Land is a REIT, it must follow certain rules relating to money it distributes to shareholders, and how those distributions are taxed. 90% of the tax-exempt profit from British Land's property rental business has to be distributed to shareholders (British Land has met this requirement in full apart from for the year to March 2020 when, following the suspension of dividends due to Covid, HMRC agreed that corporation tax could be paid instead without an impact on the REIT status). This distribution of 90% of the tax exempt profit from the property rental business is called a Property Income Distribution, or 'PID'. British Land can also distribute income from its other activities, known as a Non-Property Income Distribution, or 'non-PID' or ‘ordinary dividend’.

Dividends can be entirely PID, entirely non-PID, or a split between the two; the Board will decide the most appropriate split on a dividend-by-dividend basis. In the past British Land Plc has paid a Scrip Dividend Alternative, sometimes the treatment of the Scrip Dividend Alternative may be different to the treatment of the cash dividend.  The tax treatment of PID and non-PID dividends is different. Non-PID dividends are treated like "normal" dividends paid by non-REIT companies. From 6 April 2016 the tax free Dividend Allowance (see HMRC guidance here) will apply to non-PID dividends. Previously a tax credit of 10% was deemed to be deducted from the non-PID dividend payment. Because PID dividends are paid out of British Land's tax-exempt profits, they are potentially taxable in the shareholders' hands as property letting income. PID dividends are usually paid to shareholders after the deduction of withholding tax at the basic rate of income tax (20%). British Land is a REIT and a UK property rich entity because more than 75% of its value derives from UK real estate. This means that from 6 April 2019 disposals of shares in British Land by non-UK residents will fall within the charge to UK tax, subject to any tax treaty relief or any exemption for tax exempt investors. In circumstances where a non-UK tax resident acquired shares prior to 5 April 2019, the gain for non-UK residents will be calculated by deducting the 5 April 2019 value of the shares from the net sale proceeds, with the option to elect instead to deduct original cost (further information on capital gains tax for non UK resident investors can be found here).

More detailed information on REITs, Dividends and UK tax can be found here and in information provided by HMRC here.

You can calculate the amount paid on your shareholding for a particular dividend using the Dividend Calculator feature. Details of dividends that British Land has paid in the past can be found here.

Shareholders can create an account via the website of our Registrars, Equiniti Limited, at www.shareview.com to view their Portfolio online.

If you receive dividend cheques, a tax voucher will be attached to each cheque relating to that dividend. If your dividends are paid directly into your bank or building society account you will receive an annual consolidated tax voucher each February. Alternative, if your dividends are paid directly into your bank or building society account and you have signed up for an electronic Portfolio on our Registrar’s website www.shareview.com, you can elect to receive electronic tax vouchers. An email notifying you that your electronic tax voucher is available on-line will be sent on each dividend payment, instead of an annual consolidated tax voucher being posted.

If you hold British Land shares in your own name, our Registrars, Equiniti Limited, should be contacted. Equiniti can be contacted by telephone on (0) 371 384 2030 (lines open 8.30am-5.30pm Monday to Friday) or for anyone calling outside the United Kingdom, please use your relevant country code. for international callers. Alternatively Equiniti can be contacted by post, by writing to: Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA. If your shares are held by a nominee, you should contact the person who holds the shares on your behalf. If you receive unsolicited communications from someone suggesting they are acting for British Land or our registrars, before taking any action, please check their details with our registrars, the Financial Services Authority or British Land, as they may be attempting to defraud you. See the shareholder information section for more detail.

Dividends direct to your bank
Would you like to have your dividends paid directly into your bank or building society account?
The advantages of having dividends paid this way are:

• more secure than cheques by post

• cleared funds are available to you on the dividend payment date

• no need to pay in each cheque

• avoids the inconvenience of lost, stolen or out-of-date cheques.

To take advantage of this popular and convenient method of payment, shareholders with bank accounts in the United Kingdom should download a PDF of the mandate form (0.02MB). You will need to complete the form and return it to our registrars, Equiniti, at:

Equiniti
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA.

For more information you can also visit www.shareview.co.uk.

Overseas payment of dividends
Shareholders whose registered address is outside the United Kingdom may be interested in a payment service that could save them time and money by arranging for their UK dividends to be automatically converted into their local currency and credited directly to their local bank account. Our registrar, Equiniti, can, with your consent, make future dividend payments on your shares via their Overseas Payment Service (by arrangement with Citibank Europe PLC), providing you with:

• Faster access to your dividends: payments normally credited to your account as cleared funds just days after the dividend payment date – no waiting for sterling cheques to arrive by mail.
• Increased security: reduced risk of non-delivery of your dividend by mail and the possibility of fraud by crediting your account direct.
• Very competitive fees: costs generally lower than those incurred when encashing sterling cheques overseas, including a highly competitive exchange rate.

The cost of using the Service is related to the value of each dividend payment. Details of current charges and a full list of countries that the Overseas Payment Service operates in (including the latest terms and conditions and application forms) can be accessed from our registrars
www.shareview.co.uk/ShareHolders/Pages/overseaspayments.aspx

Equiniti
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
United Kingdom.